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Employee Benefits | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefits | 11. EMPLOYEE BENEFITS Retirement Plan The Company maintains a 401(k) Plan for its eligible employees. The Plan allows employee contributions from their compensation as defined in the 401(k) Plan, subject to Internal Revenue Code limitations. For the year ended December 31, 2022, the Company made a 3 percent non-elective contribution to all eligible participants as of the end of the plan year, based on W-2 wages for that period. The Company also made a discretionary contribution of 6 percent of W-2 wages for the year ended December 31, 2022. Effective January 1, 2021 until September 30, 2021, the Company made a non-elective contribution of 4 percent of W-2 wages to all participants. E ffective October 1, 2021, the Company matches 50 percent of the first 6 percent of the employee's contribution, and this match is immediately vested. Matching contributions to the 401(k) Plan recognized in Compensation expense for the year ended December 31, 2023 and 2022, was $344 and $278, respectively. Deferred Compensation Plans The Company has a deferred compensation plan for the benefit of members of the Board of Directors and certain officers. The plan provides all directors and certain officers with the ability to defer receipt of some or all of their director fees or salary and bonuses. The deferrals, along with accumulated earnings, are payable at retirement. The Bank has purchased life insurance policies that are actuarially designed to offset the annual expenses associated with the deferred compensation and the supplemental executive retirement plan (“SERP”). The Bank is the sole owner and beneficiary of all policies. The Bank accrues the estimated annual costs of the deferred amounts that will be payable at retirement. At December 31, 2023 and 2022, the accumulated liability was approximately $1,273 and $1,216, respectively. For the years ended December 31, 2023 and 2022, t he Company recognized deferred compensation cost in noninterest expense of $91 and $128. Benefit payments amounted to $214 and $121 for the years ended December 31, 2023 and 2022, respectively. Supplemental Executive Retirement Plan The Company maintains a SERP for certain executives. At December 31, 2023 and 2022, the accumulat ed liability was $1,978 and $1,650, respectively, and is included in other liabilities on the accompanying Consolidated Balance Sheets. The expense for the years ended December 31, 2023 and 2022, was $653 and $469, respectively. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan to provide employees of the Company an opportunity to purchase Company common stock. Eligible employees may purchase shares in an amount that does not exceed the lesser of the IRS limit of $25,000 or 10% of their annual salary at the lower of 95% of the fair market value of the shares on the semi-annual offering date, or related purchase date. The Company reserved 475,000 shares of its common stock to be issued under the employee stock purchase plan. At December 31, 2023, 454 thousand shares were available to be issued.

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